Uber in advanced talks to acquire Delivery Hero in major food-delivery consolidation move

Ride-hailing giant Uber Technologies Inc. is in advanced negotiations to acquire German food-delivery platform Delivery Hero SE, according to people familiar with the matter. The deal could be finalized as early as this week, potentially valuing Delivery Hero above its recent share price of around €36. Delivery Hero’s shares have surged 62% this year, pushing its market capitalization to €11.2 billion (approximately $12.8 billion). Uber already holds a 24.99% direct stake in Delivery Hero, with additional derivatives boosting its total interest to about 36.8%. The company previously offered €33 per share, but market expectations suggest a higher bid will be required to secure the acquisition. Amsterdam-based Prosus NV, an internet investment firm, also maintains a significant stake in Delivery Hero. The proposed merger would face intense antitrust scrutiny, particularly in overlapping markets across Europe and the Middle East, where both companies operate. Delivery Hero spans more than 60 markets globally. The food-delivery sector has seen rapid consolidation since the pandemic, with slowing growth and heightened competition driving companies to seek scale. Delivery Hero has been under pressure from shareholders, including Aspex Management, which successfully pushed for the ousting of founder Niklas Östberg and has advocated for asset sales. Other major deals in the sector include DoorDash’s acquisition of Deliveroo in the UK and Prosus’s purchase of Just Eat Takeaway.com. Potential suitors have also eyed parts of Delivery Hero’s business, with DoorDash and Saudi startup Ninja reportedly expressing interest in its Middle East operations. The pandemic fueled explosive growth for food-delivery platforms, but post-lockdown normalization, rising labor costs, and increased regulatory scrutiny—particularly around gig-worker classifications—have pressured margins. Uber’s potential acquisition of Delivery Hero would mark another significant step in consolidating the global food-delivery industry, following its existing investments and strategic moves in logistics and mobility.